Californians who obtained federally backed student loans from private banks can have some or all of their remaining debt forgiven by the Biden administration, but they need to act fast: The deadline for qualifying is Tuesday.
The relief is available for students enrolled in income-driven repayment plans or the Public Service Loan Forgiveness program. It’s also available for some parents who borrowed through the Federal Family Education Loan program.
This is not a new initiative, however — instead, it’s the last chance to participate in one of the administration’s first and most successful efforts to reduce the mountain of student debt.
The Education Department launched the Income Driven Repayment One-Time Adjustment initiative in 2022 to address complaints about loan servicing companies losing track of payments, not giving borrowers proper credit for their work in public-service jobs, and steering struggling borrowers into…
